Goldpoly eyes 50% in 23.8 MW of Jiangsu solar projects

Aug 21, 2013 - Hong Kong-based solar cell maker Goldpoly New Energy (HKG:0686) said Tuesday it was in talks to buy 50% stakes in two solar projects in China’s Jiangsu province with a combined capacity of some 23.8 MW.

More specifically, the company’s wholly-owned units China Solar Power Group Ltd and China Merchants New Energy (Shenzhen) Ltd intend to take 44.44% and 5.56%, respectively, in the companies developing the two solar projects -- Fengxian Huize Photovoltaic Energy Ltd and Fengxian Zhonghui Photovoltaic Energy Ltd. At the same time, Huabei Expressway Co Ltd (SHE:000916) is also engaged in negotiations to buy the remaining 50% in the projects.

Goldpoly’s two subsidiaries are expected to pay CNY 225 million (USD 36.8m/EUR 27.4m) in total for their 50% in the projects as part of a preliminary consensus between all involved parties.

Three years after the acquisition is completed Huabei Expressway will have the option to sell to Goldpoly its 50% in the projects in exchange for cash or Goldpoly stock.

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